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Los Angeles’ Staples Center Gets Renamed to 'Crypto.com Arena' In $700 Million Deal

Los Angeles’ Staples Center Gets Renamed to 'Crypto.com Arena' In $700 Million Deal

The Staples Center area, located in Los Angeles, California, is being renamed to “Crypto.com Arena” after a $700 million naming rights deal with Crypto.com, a Singapore-based crypto exchange.

Naming rights to the building was purchased by Crypto.com from Anschutz Entertainment Group (AEG), the multi-purpose site’s owner and operating firm, alongside Arturo L.A. Arena Company. The new naming for the facility’s title sponsor will be unveiled to the public on December 25th, during a game featuring NBA Basketball team Los Angeles Lakers, and visiting team Brooklyn Nets.

According to a report by the L.A. Times, all external signs for the Staples Center will be changed to the new naming by June 2022. The $700 million deal will be active for 20 years, and will mark a historic turn not just for sports fans, but also for the crypto industry, which will now get a prime-time share of attention to all events hosted on the facility.

“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” shares Crypto.com Co-Founder and CEO, Kris Marszalek.

Opened on October 17, 1999, the Staples Center has become an iconic landmark not just of the city, but also a symbol of downtown Los Angeles’ creative spirit. The facility is part of L.A. Live, a 4-million-square-foot development property by AEG, which also houses the Los Angeles Convention Center.

The deal is part of a series of sports-oriented partnerships made by Crypto.com, with a global brand campaign launched in late October this year.  The crypto exchange platform has concurrent partnerships and brand deals with UFC (Ultimate Fighting Championship), F1 (Formula One Racing), Paris Saint-Germain (PSG Football Club), and the NBA’s Philadelphia 76ers, the NHL’s Montreal Canadiens, Italian Football league Lega Serie A, as well as Twitch Rivals, an an esports tournament host, and Fnatic, a global esports team.

The venue has a seating capacity of 20,000 and has been nicknamed “The House That Kobe Built” by basketball fans, in honor of the late basketball legend, Kobe Bryant, who spent over 20 years with the LA Lakers. The arena is slated as a basketball division venue for the 2028 Olympics.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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